Question 5 [15 points) Below is a statement of inventory for a candle shop, given on May 31 a) Calculate the lower of cost or net realitzable value for the inventory applied separately to each product and by Inventory group Cost NRV LCNV applied to Product Quantity Per Unit Total for Porn Totor product les GROND Purple Votive Candles product 22 920 0.75 Red Sorted Candles 20 520 595 U Votive Candles 28 7.05 710 Groon Votive Candles 14 0.30 10215 Purple Unscented Candles 12 10 20 2.35 Totals b) Prepare any required adjusting entry assunting LCNRV is applied to each item Des must be entered in the food (Jan) Leave the only roading entry is ved Coral Journal Procon Date Aption Dobil Cod c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group Dites must be entered in the format mm (16Jan) Leave the entry Banko adjusting enya que General Journal Page 1 Date Accounting Co